Report: Mich. has 16th-lowest racial income gaps

LANSING – The median household income for black residents in Michigan is about 45 percent lower than for white residents, and the poverty rate for black Michiganders is 161 percent higher than for whites.

And those are some of the nation's lowest wealth disparities, according to a new report out today from WalletHub.

Michigan ranked 16th overall in WalletHub's "financial gaps" scoring. Their report also showed homeownership rates were 43 percent lower for black Michiganders than for whites, and Hispanic Michiganders were about 43 percent less likely than whites to have a bachelor's degree or higher certification.

Florida was the top-ranked state and Minnesota was the worst-ranked state.